UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported): February
29, 2024
Aditxt, Inc.
(Exact name of registrant as specified in its charter)
| Delaware |
|
001-39336 |
|
82-3204328 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
| 737 N. Fifth Street, Suite 200 Richmond, VA |
|
23219 |
| (Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including area
code: (650) 870-1200
N/A
(Former name or former address, if changed since last
report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
| ☒ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of
the Act:
| Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
| Common Stock, par value $0.001 |
|
ADTX |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act.
Item 1.01 Entry into a Material Definitive Agreement.
As
previously reported in a Current Report on Form 8-K filed by the Aditxt, Inc. (the “Company”), on December 11, 2023 the Company
entered into an Agreement and Plan of Merger (the “Merger Agreement”) with
Adicure, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub”) and Evofem Biosciences,
Inc., a Delaware corporation (“Evofem”), pursuant to which, Merger Sub will be merged into and with Evofem (the “Merger”),
with Evofem surviving the Merger as a wholly owned subsidiary of the Company. In connection with the Merger Agreement, the Company, Evofem
and the holders (the “Holders”) of certain senior indebtedness of Evofem (the “Notes”) entered
into an Assignment Agreement dated December 11, 2023 (the “December Assignment Agreement”), pursuant to which the Holders
assigned the Notes to the Company in consideration for the issuance by the Company of (i) an aggregate principal amount of $5.0 million
in secured notes of the Company due on January 2, 2024 (the “January 2024 Secured Notes”), (ii) an aggregate principal
amount of $8.0 million in secured notes of the Company due on September 30, 2024 (the “September 2024 Secured Notes”),
(iii) an aggregate principal amount of $5.0 million in ten-year unsecured notes (the “Unsecured Notes”), and (iv) payment
of $154,480 in respect of net sales of Phexxi in respect of the calendar quarter ended September 30, 2023.
As previously
reported in a Current Report on Form 8-K filed by the Company, on February 26, 2024, the Company and the Holders entered into an Assignment
Agreement (the “February Assignment Agreement”), pursuant to which the Company
assigned all remaining amounts due under the Notes back to the Holders. On February 29, 2024, the Company, Adicure and Evofem entered
into the Third Amendment to the Merger Agreement (the “Third Amendment to Merger Agreement”)
in order to (i) make certain conforming changes to the Merger Agreement regarding the Notes, (ii) extend the date by which the Company
and Evofem will file the joint proxy statement until April 30, 2024, and (iii) remove the requirement that the Company make the Parent
Loan (as defined in the Merger Agreement) by February 29, 2024 and replace it with the requirement that the Company make an equity investment
into Evofem consisting of (a) a purchase of 2,000 shares of Evofem Series F-1 Preferred Stock for an aggregate purchase price of $2.0
million on or prior to April 1, 2024, and (b) a purchase of 1,500 shares of Evofem Series F-1 Preferred Stock for an aggregate purchase
price of $1.5 million on or prior to April 30, 2024.
The foregoing description of the Third Amendment to
Merger Agreement is not complete and are qualified in their entirety by reference to the full text of Third Amendment to Merger Agreement,
a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Important Information
for Stockholders
This
Current Report on Form 8-K and the exhibits hereto is not a proxy statement or solicitation of a proxy, consent or authorization with
respect to any securities or in respect of the potential transactions and shall not constitute an offer to sell or a solicitation of any
vote or approval, or of an offer to buy the securities of the Company or Evofem, nor shall there be any sale of any such securities in
any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements
of the Securities Act.
In connection with the proposed
transactions, the Company intends to file the Proxy Statement / Registration Statement with the SEC, which will include a proxy statement/prospectus
of the Company. the Company also plans to file other documents with the SEC regarding the proposed transactions. After the Proxy Statement
/ Registration Statement has been cleared by the SEC, a definitive proxy statement/prospectus will be mailed to the stockholders of the
Company. STOCKHOLDERS OF THE COMPANY AND EVOFEM ARE URGED TO CAREFULLY READ THE PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND
SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO THE PROPOSED TRANSACTIONS THAT WILL BE FILED WITH THE SEC IN THEIR ENTIRETY WHEN
THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS. Stockholders will be able to obtain
free copies of the proxy statement/prospectus and other documents containing important information about the Company and Evofem once such
documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov.
Participants in the Solicitation
The
Company and its executive officers, directors, other members of management, employees and Evofem may be deemed, under SEC rules, to be
participants in the solicitation of proxies from the Company’s shareholders with respect to the proposed transaction. Information
regarding the executive officers and directors of the Company is set forth in its definitive proxy statement for its 2022 annual meeting
filed with the SEC on July 20, 2023, as amended. More detailed information regarding the identity of potential participants, and
their direct or indirect interests, by securities holdings or otherwise, will be set forth in the Proxy Statement / Registration Statement
on Form S-4 and other materials to be filed with the SEC in connection with the Merger Agreement.
Cautionary Note on Forward-Looking Statements
This
Current Report on Form 8-K contains certain forward-looking statements within the meaning of the “safe harbor “provisions
under the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained
in this Current Report on Form 8-K, including statements regarding the Company’s
or Evofem’s future results of operations and financial position are forward-looking statements. These forward-looking statements
generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,”
“target,” “intend,” “strategy,” “future,” “opportunity,” “plan,”
“may,” “should,” “will,” “would,” “will be,” “will continue,”
“will likely result,” and similar expressions. These statements are based on various assumptions, whether or not
identified in this Current Report on Form 8-K, and on the current expectations of the respective management teams of the Company and Evofem
and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not
intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of the Company and Evofem.
These
forward-looking statements are subject to a number of risks including, but not limited to, the following risks relating to the proposed
transactions: (1) the risk that the proposed transactions may not be completed in a timely manner or at all, which may adversely affect
the price of the Company’s securities; (2) the failure to satisfy the conditions to the closing, including the approval by the stockholders
of the Company; (3) the ability to realize the anticipated benefits of the proposed transactions; and (4) other risks and
uncertainties indicated from time to time in the Company’s public filings with the SEC. If any of these risks materialize or the
Company’s and Evofem’s assumptions prove incorrect, actual results could differ materially from the results implied by these
forward-looking statements. You should carefully consider the risks and uncertainties described in the “Risk Factors” section
of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and other documents we filed, or will file, including the
proxy statement/prospectus, with the SEC. There may be additional risks that neither the Company nor Evofem presently know, or that the
Company or Evofem currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect the Company’s and Evofem’s expectations, plans or forecasts of
future events and views as of the date of this Current Report on Form 8-K. The Company and Evofem anticipate that subsequent events and
developments will cause the Company’s and Evofem’s assessments to change. However, while the Company and Evofem may elect
to update these forward-looking statements at some point in the future, the Company and Evofem specifically disclaim any obligation to
do so, except as otherwise required by law. These forward-looking statements should not be relied upon as representing the Company’s
and Evofem’s assessments of any date subsequent to the date of this Current Report on Form 8-K. Accordingly, undue reliance should
not be placed upon the forward-looking statements.
No Offer or Solicitation
This Current
Report on Form 8-K is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities
or in respect of the proposed transaction and shall not constitute an offer to sell or a solicitation of an offer to buy any securities,
nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior
to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except
by means of a prospectus meeting the requirements of the Securities Act.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| |
ADITXT, INC. |
| |
|
|
| Date: March 4, 2024 |
By: |
/s/ Amro Albanna |
| |
|
Amro Albanna |
| |
|
Chief Executive Officer |
Exhibit 10.1
THIS THIRD AMENDMENT, dated
as of February 29, 2024 (this “Amendment”), to that certain Agreement and Plan of Merger dated as of December 11, 2023
(as amended hereby and by that First Amendment dated January 8, 2024 and that Second Amendment dated January 30, 2024, the “Merger
Agreement”; and all defined terms used herein that are not otherwise defined herein shall have the meanings set forth in the
Merger Agreement), is entered into by and among Aditxt, Inc., a Delaware corporation (“Parent”), Adicure, Inc., a Delaware
corporation (“Merger Sub”) and Evofem Biosciences, Inc., a Delaware corporation (the “Company”,
and, together with Parent and Merger Sub, the “Parties” and each, a “Party”).
WHEREAS, the Parties desire to
further amend the Merger Agreement as set forth herein.
NOW, THEREFORE, in consideration
for the promises contained herein and the mutual obligations of the Parties, the receipt and sufficiency of which are hereby expressly
acknowledged, the Parties, intending to be legally bound, hereby agree as follows:
Article 1. Amendments.
Section 1.1. The fifth and sixth
WHEREAS clauses of the Merger Agreement are hereby deleted in their entirety and replaced with the following:
“WHEREAS, Baker Brothers Life Sciences,
L.P. (“Baker”), 667, L.P. (“667”), and Baker Bros. Advisors LP as their designated agent (the “Designated
Agent”) have entered into certain debt agreements with the Company (the agreements representing such existing debt, as amended,
the “Loan Documents” and the amount owed by the Company under the Loan Documents, the “Loan Amount”),
including, without limitation, that certain Securities Purchase and Security Agreement, dated as of April 23, 2020, as amended by that
First Amendment to the Securities Purchase and Security Agreement, dated as of November 20, 2021, that Second Amendment to the Securities
Purchase and Security Agreement, dated as of March 21, 2022, that Third Amendment to Securities Purchase and Security Agreement dated
as of September 15, 2022, and that Fourth Amendment to Securities Purchase and Security Agreement, dated as of September 8, 2023 (as so
amended, the “Securities Purchase Agreement”) by and among the Company, the Purchasers and the Designated Agent”;
Section 1.2. The references in
Section 1.2 of the Merger Agreement to “Assignment Agreement” and “Baker Royalty Note” are hereby deleted in their
entirety, and the terms “Original Loan Amount” and “Original Loan Documents” are hereby changed to “Loan
Amount” and “Loan Documents,” respectively. The term “Securities Purchase Agreement” is hereby added to
Section 1.2 of the Merger Agreement under the heading “Definition” with a reference to the “Recitals” with respect
thereto added under the heading “Section.”
Section 1.3. Section 6.10 of the
Merger Agreement is hereby amended and restated in its entirety as follows: “Parent
Equity Investment. On or prior to (a) April 1, 2024, Parent shall purchase 2,000 shares of the Company’s Series F-1
Preferred Stock, par value $0.0001 per share (“F-1 Preferred Stock”) for an aggregate purchase price of $2 million
(the “Initial Parent Equity Investment”) and (b) April 30,
2024, Parent shall purchase 1,500 shares of F-1 Preferred Stock for an aggregate purchase price of $1.5 million (the “Subsequent
Parent Equity Investment”). The foregoing numbers of shares of F-1 Preferred Stock shall be equitably adjusted for any stock
split, reverse stock split, stock dividend (including any dividend or other distribution of securities convertible into F-1 Preferred
Stock), subdivision, reorganization, reclassification, recapitalization, combination, exchange of shares or other like change with respect
to the number of shares of F-1 Preferred Stock outstanding after the date hereof and prior to the Effective Time or any change to the
Stated Value thereof as set forth in that certain Certificate of Designations of Series F-1 Convertible Preferred Stock of the Company.
Section 1.4. The proviso in Section
6.16 of the Merger Agreement is hereby deleted in its entirety.
Section 1.5 The first sentence
of Section 6.5(b) of the Merger Agreement is hereby amended and restated in its entirety as follows:
“The Company and Parent shall cooperate in preparing
and shall cause to be filed with the SEC, on or before April 30, 2024, a mutually acceptable Joint Proxy Statement relating to the matters
to be submitted to the holders of Company Common Stock at the Company Shareholders Meeting and the holders of Parent Common Stock at the
Parent Shareholders Meeting, which will set forth the Merger Consideration and Exchange Ratio as finally determined pursuant to Section
3.1, and Parent shall prepare and file with the SEC the Registration Statement (of which the Joint Proxy Statement will be a part).”
Section 1.6. A new Section 7.2(i)
shall be added to the Merger Agreement as follows: “(i) Repurchase Price. No defaults shall have occurred and be continuing
under the Loan Documents and the Outstanding Balance (as defined in the Securities Purchase Agreement) plus all accrued and unpaid interest
thereon, in an amount not to exceed the Repurchase Price (as defined in the Securities Purchase Agreement) shall have been paid in full.”
Section 1.7. Section 8.1(f) of
the Merger Agreement is hereby amended and restated in its entirety as follows: “by the Company if either (i) the Initial Parent
Equity Investment has not been made by April 1, 2024 or (ii) the Subsequent Parent Equity Investment has not been made by April 30, 2024;
and ”
Article 2. Miscellaneous.
Section 2.1 Severability. Any provision
of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder
of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.
Section 2.2 Ratifications. The terms
and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Merger Agreement
and, except as expressly modified and superseded by this Amendment, the terms and provisions of the Merger Agreement are ratified and
confirmed and shall continue in full force and effect. The Parties agree that the Merger Agreement shall continue to be legal, valid,
binding and enforceable in accordance with its terms.
Section 2.3 Entire Agreement. This Amendment,
the Merger Agreement and such other agreements, documents and instruments referred to in Section 9.6(a) of the Merger Agreement constitute
the entire agreement among the Parties with respect to the subject matter hereof and thereof, and supersede all prior and contemporaneous
understandings and agreements, both written and oral, with respect to such subject matter.
Section 2.4 Miscellaneous. The terms
and provisions of Article IX of the Merger Agreement (other than Section 9.6(a), which Section 2.3 of this Amendment above replaces for
purposes of this Amendment) are incorporated herein by reference as if set forth herein and shall apply mutatis mutandis to this
Amendment.
IN WITNESS WHEREOF, the undersigned have executed
this Amendment as of the date first set forth above.
| |
Aditxt, Inc. |
|
| |
|
|
| |
By: |
/s/ Amro Albanna |
| |
|
Name: |
Amro Albanna |
| |
|
Title: |
Chief Executive Officer |
| |
|
|
|
| |
|
|
|
| |
Adicure, Inc. |
|
| |
|
|
| |
By: |
/s/ Amro Albanna |
| |
|
Name: |
Amro Albanna |
| |
|
Title: |
Chief Executive Officer |
| |
|
|
|
| |
|
|
|
| |
Evofem Biosciences, Inc. |
| |
|
| |
By: |
/s/ Saundra Pelletier |
| |
|
Name: |
Saundra Pelletier |
| |
|
Title: |
CEO |
Aditxt (NASDAQ:ADTX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Aditxt (NASDAQ:ADTX)
Historical Stock Chart
From Apr 2023 to Apr 2024
